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Tycoon raises stake in Woolworths

Ardeshir Naghshineh, the Iranian property tycoon, mounted another share raid on Woolworths yesterday taking his stake in the retailer to more than 10%.

According to a report in The Times Ardeshir Naghshineh bought another seven million shares in the troubled retailer.

The Takeover Panel is believed to have contacted the tycoon yesterday to clarify his intentions as speculation that he is organising a bid consortium mounts.

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